* * * * *
                                        
                        Now that's a low interest rate!
                                        
> **From:** “Effie Champion” <Emmettusk@surfinbox.com [1]>
>  **To:** sean@conman.org
>  **Subject:** $67213
>  **Date:** Wed, 23 Jun 2004 21:47:59 +0500 
> 
> Hello,
> 
> I sent you an email a few days ago because you now qualify for a new
> mortgage. You could get a $300,000 for as little as $700 a month! credit is
> no problem, you can pull cash out or refinance.
> 
> Best Regards,
> 
> Effie Champion
> 

I've received quite a few of these, all from different people. Now, $300,000
for as little as $700/month?

Where do I sign up?

Let's see … break out the mortgate calculator here … typical length of a
mortgate is 30 years, borrowing $300,000 with $700/month payments, works out
to -1.13% interest rate.

I know the Federal Interest rate is low, but not that low. And a 15 year
mortgage works out to -10.2% interest rate.

Those are some nice rates.

Now, working from the other end … how long does it take to pay back $300,000
(with no interest rate) at $700/month? Three hundred thousand divide by seven
hundred … divide by twelve … multiply the remainder by twelve … 

Thirty-five years and nine months.

At a measly 1% the mortgage would take 44 years to pay off. 90 years at 2.5%.
Anything higher and my mortgage calculator laughs hysterically and accuses me
of robbing my kids' inheritence (that is, if I have kids).

Who are these guys kidding? There's no way you could get a mortgate for
$300,000 at $700/month. **No way!**

Sheesh!

[1] mailto:Emmettusk@surfinbox.com

Email Sean Conner at sean@conman.org

.